The global perfume market is expected to reach a value of roughly $45.6 billion by 2018, driven primarily by growth expected in the underpenetrated emerging markets and innovative product launches, according to a recent report.

Market research firm Companies and Markets released a report that said the market is set to benefit from the growing trend towards consumer urbanization, higher spending propensity and the heightened importance on personal appearance and grooming. In addition, increased demand for youth-oriented, floral and exotic fragrances and celebrity perfumes will set the pace for rapid market expansion.

Currently on the global radar are low penetration markets such as China, and Japan, where huge untapped opportunities are the focus of large international players, the report said. Specifically, fine perfumes are increasingly looking at the teenage segment as a potential growth market. Women's fragrances continue to dominate the market, with a maximum number of product launches and innovations.

According to the report, the scenario is however set to change with men's fragrance segment beginning to witness strong growth patterns, as the importance of grooming tops the list of men's priorities. For the men's market, typically the market was confined to the after-shave fragrances. But now, the cards are being turned and men's fragrances for specific occasions are witnessing huge growth, holding the promise of emerging into a mainstay market.